Homes Got More Affordable Over Past Decade( February 1, 2006) --
Is the nation really facing a housing affordability crisis? According to Moody's Economy.com, the opposite is true: Houses have become more affordable over the last decade because of low interest rates, rising incomes, and an increased supply of housing.
The percentage of income needed to cover mortgage payments in the United States has declined, on average, from about 30 percent in 1982 to about 22 percent in 2005, Economy.com reports.
Nationwide, only a few areas are really unaffordable. Those include California coastal areas, Chicago, Boston, and metropolitan New York. In these areas the percentage of income required to buy a house exceeds 40 percent, Economy.com figures.
Source: Newsday, Clifford Sondock (1/31/06)
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